Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 94,570 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 94,570 shares of the business’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $54.00, for a total transaction of $5,106,780.00. Following the sale, the insider owned 274,484 shares in the company, valued at $14,822,136. The trade was a 25.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

• On Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The shares were sold at an average price of $53.79, for a total transaction of $3,144,778.56.
• On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The shares were sold at an average price of $53.53, for a total transaction of $807,660.64.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The stock was sold at an average price of $53.55, for a total transaction of $1,295,588.70.
• On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The stock was sold at an average price of $53.72, for a total transaction of $2,145,415.64.
• On Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The stock was sold at an average price of $53.59, for a total transaction of $1,152,774.49.
• On Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The shares were sold at an average price of $54.25, for a total transaction of $7,328,307.00.
• On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The shares were sold at an average price of $53.84, for a total transaction of $5,867,321.68.
• On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The stock was sold at an average price of $55.06, for a total value of $482,986.32.
• On Tuesday, September 15th, Isq Global Fund Ii Gp Llc sold 4,686 shares of Kinetik stock. The stock was sold at an average price of $55.11, for a total value of $258,245.46.
• On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The stock was sold at an average price of $55.15, for a total value of $56,528.75.

Kinetik Price Performance

KNTK traded down $0.35 during trading on Wednesday, reaching $53.60. 1,385,686 shares of the stock were exchanged, compared to its average volume of 1,186,384. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of 19.42, a P/E/G ratio of 1.31 and a beta of 0.61. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $56.92. The business’s 50 day moving average price is $52.82 and its two-hundred day moving average price is $49.73.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter last year, the business posted $0.33 earnings per share. On average, analysts anticipate that Kinetik Holdings Inc. will post 1.3 EPS for the current year.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their target price on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Citigroup reiterated a “buy” rating and issued a $55.00 price target (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Truist Financial lifted their price objective on Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Kinetik in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Allworth Financial LP grew its position in shares of Kinetik by 72.4% in the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after purchasing an additional 239 shares during the period. Integrated Wealth Concepts LLC purchased a new position in Kinetik during the second quarter worth about $71,000. Nykredit A S purchased a new position in Kinetik during the second quarter worth about $109,000. GAMMA Investing LLC boosted its stake in Kinetik by 10.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock worth $139,000 after buying an additional 273 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Kinetik in the 1st quarter worth about $140,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.